FINRA-Investment Company and Variable Contracts Products Representative Qualification Examination Set 4

1.

Skip is a registered agent with state. He recently quit his job with Venus Broker-Dealers to become affiliated with Mars Broker-Dealers. Which of the three entities must report this change to the state Administrator?

Skip only Skip and either Mars or Venus, but not both Both Skip and Venus Skip, Mars, and Venus

2.

The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker- dealer must notify the Administrator of this fact

before the beginning of the next quarter. before the end of the month. by the close of business on the next business day. within a week's time.

3.

Barring no irregularities (such as a license revocation by another state last year), after you have filed for registration as an agent, your license will be granted within

10 business days. 14 business days. 30 days. 45 days.

4.

S. White and Associates is an investment adviser registered in the state of Kentucky and, as such, is meeting Kentucky's minimum net capital requirement for investment advisers. The firm recently registered with the state of Virginia and has opened an office there. Virginia has a significantly higher net capital requirement for its investment advisers. Which of the following statements is true?

According to the Uniform Securities Act, S. White will have to meet Virginia's higher requirement. According to the Investment Advisers Act of 1940, S. White needs only to meet the net capital requirement of Kentucky. According to the Securities Exchange Act of 1934, S. White needs to meet at least the minimum net capital requirement specified by that Act since it is nowoperating in multiple states. According to the Investment Advisers Act of 1940, S. White will have to maintain a minimum net capital equal to the average of the net capital requirements ofthe two states.

5.

Which of the following statements is false?

A state cannot require a higher minimum net capital for broker-dealers than the amount specified by the Securities Exchange Act of 1934. A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940. The minimum net capital requirement for investment advisers that take custody of their clients' assets is higher than the net capital requirement for advisers whodo not take custody of the assets. None of the above statements is false; all are true statements.

FINRA-Investment Company and Variable Contracts Products Representative Qualification Examination Set 4

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FINRA-Investment Company and Variable Contracts Products Representative Qualification Examination Set 4

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COMPANY

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